The Supreme Court on Wednesday, April 16, 2014, said it was willing to unfreeze the bank accounts of Sahara Group and allow the group to sell properties to raise Rs 10,000 crore for getting bail to Subrata Roy and sought details in this regard.
“We are willing to pass an order. You (Sahara) tell us you want to raise money. Tell us about the property and bank accounts. You have not given us so far,” a bench comprising Justices K.S. Radhakrishnan and J.S. Khehar said.
However, Subrata Roy told the Supreme Court that its order sending him to judicial custody and the conditions to secure his release on interim bail was UNWORKABLE.
The court passed an order that was unworkable and was without scrupulously following the laid down procedures, Subrata Roy‘s counsel Rajiv Dhawan told the bench of Justice K.S. Radhakrishnan and Justice Jagdish Singh Khehar.
As Rajiv Dhawan said Subrata Roy could not generate money as his bank accounts and properties were frozen, the court asked him if he was in no position to pay Rs.10,000 crore.
At the end of the day-long hearing, the counsel said the company will identify the properties along with the bank accounts and will inform the court and seek unfreezing of bank accounts. He said raising money has become a difficult proposition as the chief of the group, Subrata Roy and two senior officials are in jail.
The court had on March 04, 2014 sent Subrata Roy to judicial detention to ensure the compliance of its August 31, 2012 and subsequent December 05, 2012, order to return investors’ money that two group companies – SIRECL and SHICL, had collected through optionally fully convertible debentures (OFCD).
Sahara Group‘s two companies were asked to return Rs.24,000 crore that it had collected through OFCDs from the investors. Sahara Group has already given SEBI Rs.5,120 crore in December 2012, in pursuance to the court’s August 31, 2012, order.
Earlier, counsel Ram Jethmalani told the court: “No person can be denied his liberty or his liberty can be taken away for non-payments of debts. This is a principle that has been exalted to the level of article 21 (of the constitution).”
The hearing would continue today, April 17, 2014 as well.